Page 83 - Nirmala Sitharaman

FM Sitharaman exhorts int'l community to help debt-saddled countries

Union Finance Minister Nirmala Sitharaman on Friday pitched for greater coordination among the international community to address the challenges faced by debt-saddled low and mid-income countries. Addressing a seminar on the global economy organised as part of the finance track of India's G-20 presidency, Sitharaman said such a move can help shield vulnerable populations from economic hardships. "The international community must collaborate and find stronger ways to coordinate debt restructuring, for low-income and vulnerable middle-income countries facing debt distress," the finance minister said in a video address. She said as part of the Indian presidency of the top economies' grouping, the country has placed great importance on the management of global debt vulnerabilities because of its commitment to be the voice of the global south. The finance minister said the G-20 finance track has discussed the issue of debt challenges in vulnerable economies which present "significant ..

G20: FM calls for global efforts to restructure poor countries' debt

Finance minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the biggest challenge in recent years. "We haven't seen such enormous challenges in recent years at all". She added that New Delhi has ensured that so far the geopolitical differences do not supersede international cooperation which is the core mandate of the G20 grouping and the summit. The Indian presidency of the G20 has placed great importance on the management of global debt vulnerabilities that many nations are facing today. It's time the international community collaborate and find stronger ways to coordinate in debt restructuring efforts for low-income and vulnerable middle-income countries facing debt .

Our economy is fastest growing: FM Sitharaman during the no-trust debate

In just nine years, the economy rose and saw economic development due to the policies of BJP government,' Nirmala Sitharaman said in Lok Sabha

28% GST on casinos, online gaming, racing to up revenue collection: FM

Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic & Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs ..

28% GST on online gaming: How will new tax work for players and companies

GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase

11 World Bank officials meet Finance Minister Sitharaman in New Delhi

The Executive Directors of the world bank shared their key takeaways with Union Finance Minister Nirmala Sitharaman from their visits to Mumbai, Ahmedabad and Lucknow

Reforms since 2014 enabled decentralisation of planning: Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said reforms brought in India since 2014 have enabled decentralisation of planning in India. Addressing 11 Executive Directors (EDs) of the World Bank Group, representing 95 countries, she said that India is placing a focus on creating opportunities for the poor by empowering communities for equitable growth. EDs, who are on a visit to india, called on the finance minister. They shared their key takeaways with the minister after visiting Mumbai, Ahmedabad and Lucknow. They appreciated the fast-paced development across all sectors enabled by transformational reforms and private sector participation in India's ambition of becoming a developed country by 2047, the finance ministry said in a tweet. They also appreciated the success achieved by India, especially in digital technology and startups, with a focus on the delivery of public goods, including water, electricity, road infrastructure etc, it said. "The Finance Minister underlined

Karnataka CM meets PM, Union Ministers Rajnath Singh, Nirmala Sitharaman

Karnataka Chief Minister Siddaramaiah on Thursday met Prime Minister Narendra Modi in New Delhi. This was his first meeting with the PM, after the Congress came to power in the state under his leadership, following Assembly polls in May. According to the Chief Minister's office, Siddaramaiah met Modi at the Parliament building and held discussions. He also met Finance Minister Nirmala Sitharaman and Defence Minister Rajnath Singh, it said. Chief Minister's political secretary K Govindaraj and state's special representative in Delhi T B Jayachandra were present at these meetings. Siddaramaiah also called on Congress National President and Leader of Opposition in Rajya Sabha Mallikarjun Kharge and held discussions. On Wednesday, he participated in a meeting of state Congress leaders and Ministers with the central party leadership to discuss the party's strategy for the next Lok Sabha elections.

GST Council meet: 28% tax on online gaming from October 1, says Sitharaman

The Council will review the implementation of 28 per cent goods and services tax (GST) on online gaming, and casinos after six months

GST Council Meeting 2023 Highlights: Here are the key points to know

The 51st GST Council meeting 2023 was held yesterday via video conferencing. The government stands its ground with its 28 per cent GST charge on casinos, race courses, and online gaming

28% GST on online gaming to be implemented from October 1: FM Sitharaman

Despite dissent from a few states, including Goa, Sikkim, and Delhi, the Council proceeded with the decision without a vote, as the majority of states were in agreement

28% GST on online gaming stays, to be reviewed after 6 months of roll-out

The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, finance minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing online gaming, she said after the panel meeting. The panel had at its last meeting decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it. Sitharaman said Delhi finance minister opposed the levy of the tax on online gaming while Goa and Sikkim wanted the levy on GGR (gross gaming revenue) and not on face value. Sitharaman, however, said other states ranging from Karnataka to Gujarat,

Govt mobilises Rs 5.77 trn by issuing dated securities till Jul 31: FM

The government has mobilised a gross amount of Rs 5.77 lakh crore by issuing dated securities in the current financial year up to July 31, 2023, Finance Minister Nirmala Sitharaman said on Tuesday. It has raised a net amount of Rs 4.18 lakh crore through the instrument in the same period. Government borrowing is done through various sources, including dated securities, treasury bills, external loans and state provident funds. The central government has planned to raise net debt resources of Rs 17.99 lakh crore from various sources in 2023-24, mainly to finance its fiscal deficit, the finance minister said in a written reply to the Rajya Sabha. "This amount is about 40 per cent of the total net size of the Union Budget 2023-24 of Rs 45.03 lakh crore," she said. The government plans a gross market borrowing of Rs 15.4 lakh crore from dated securities in FY24. This is higher than the total borrowing of Rs 14.21 lakh crore in FY23. She said that borrowing by entities like the Nationa

Gamers urge finance minister to reduce current 28% GST on online gaming

Online gamers' association on Tuesday requested finance minister Nirmala Sitharaman for a reduction of 28 per cent Goods and Services Tax (GST), saying high taxation would lead to mushrooming of illegal gaming firms. Gamers from Tier II and Tier III cities under the aegis of 'Indian Gamers United' in an open letter to finance minister Nirmala Sitharaman said that high taxation will push the gamers towards illegal and offshore platforms where no tax is payable but will put the gamers into a very high risk. The association also pitched for making a distinction between games of chance like gambling and games of skill like gaming. Gaming is a skill-based activity and cannot be clubbed together with games of luck like gambling and horse racing so taxation requires a relook and making it tax friendly, 'Indian Gamers United' said in a statement. Since several of these games come with the option to earn monetary rewards, this is giving rise to a segment where young people are using their .

Amit Mitra highlights countrywide GST frauds, urges FM to call Council meet

Alleging that GST frauds are proliferating across the country and MSMEs are facing problems due to a web of regulations, Dr Amit Mitra, principal chief advisor to West Bengal Chief Minister Mamata Banerjee, urged Union Finance Minister Nirmala Sitharaman to convene a GST Council meeting to discuss these issues. Mitra, a former state finance minister, referred to the central government's admission in the Lok Sabha that Rs 1.15 lakh crore of fraud have been detected from GST invoices between 2018-19 and 2022-23. "I write this letter with great anguish and deep concern. On one hand, GST frauds are proliferating across the country penetrating each and every state. On the other, the web of regulations is so overpowering for the MSMEs, that they are on the verge of deregistering back to their informal status," Mitra said. The humongous' fraud taking place in the country and the suffering of the MSME in the current GST system require a total rethink by the Centre and the GST Council on the

G20: Communique need not distract us, action happening, says FM Sitharaman

"There is a tremendous appreciation that the agenda we are taking forward is of concern to all of us", the FM said

Focus on four 'Is' to make India a developed nation by 2047: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the focus of the government is on four Is -- infrastructure, investment, innovation and inclusiveness -- to make India a developed nation by 2047. She said India has necessary wherewithal to meet the goal set by Prime Minister Narendra Modi. Besides several investor-friendly reforms undertaken by the government, she said, India has a very vibrant young population and the emphasis on skilling them to suit the requirement of the economy would yield dividend. With the aim to build India a developed country by 2047, she said "the emphasis has been on four different issues (Is). We are looking at infrastructure (first I) in a very big way. In the last 3 to 5 years, consistently, the public expenditure for infrastructure building has been ramped up significantly and it will reach Rs 10 lakh crore in 2023-24." With infrastructure comes investment (second I), she said, adding that emphasis on investment will promote greater participation

Indian companies to soon directly list on IFSC bourses: FM Sitharaman

Sitharaman urges financial regulators to maintain a balance between light-touch regulation and full-fledged supervision

Companies allowed to list on GIFT IFSC for foreign flows: Sitharaman

India has been considering proposals to allow firms to list on foreign exchanges, in order to compete with Chinese companies that flourish on bourses in the US

FM pitches for regulatory impact assessments to enhance accountability

Union finance minister Nirmala Sitharaman on Friday pitched for a "regulatory impact assessment" to study the positives and negatives of a decision before it is taken, and also for existing rules. She said having such a facility can help enhance the transparency and accountability in the policymaking process. "We may also have a regulatory impact assessment to critically assess the positive and negative effects of proposed and existing regulations and non regulatory alternatives," she said, speaking at an event here. Time limits to decide the applications under various regulations should also be named in the interest of ease of doing business, she added. Regulatory actions may vary from disclosure to light touch regulation and supervision to tight regulation and full fledged supervision depending on the risk implications, she said. "Quality, proportionality and effectiveness of regulations matter the most for ease of doing business," she said. Sitharaman said the main focus of ..